PREMARKET MOVES | SK Hynix, Intel Rise on U.S. Chip Talks; J.B. Hunt Sinks 11% on Profit Warning

According to CNBC, SK Hynix and Intel rose more than 2.5% premarket after a Reuters report that SK Hynix was in talks with Intel to manufacture memory chips in the U.S. for the first time; SK Hynix said no decisions have been made regarding any partnership with Intel. J.B. Hunt Transport Services tumbled more than 11% after warning that its third-quarter earnings may fall between 5% and 10% compared with the previous quarter, which it attributed to internal adjustments to account for rising rates of purchased transportation. Expedia fell more than 2.5% after Morgan Stanley downgraded the stock to underweight, with analysts citing a weak risk/reward profile and greater exposure to a potentially weaker consumer. Energy stocks declined as U.S. oil prices fell 2% following a report that energy inventories rose last week; Diamondback Energy dropped almost 4%, Occidental Petroleum was off 1%, and ExxonMobil and Devon Energy were both down almost 1%. Paychex gained more than 1% after Wolfe Research upgraded it to peer perform, with analysts saying the current macroeconomic environment supports the company's revenue growth forecast and that its skew toward blue collar workers offers protection from AI-related job losses. Union Pacific rose 1.5% after UBS upgraded the stock to buy, with analysts expecting strong volume growth to drive better-than-expected earnings through 2028.